Oil demand could plunge by 30% over the next 5 years, Cathie Wood predicts.Jan. 19, 2023 Crude-oil prices are up thus far in 2023, but fund manager Cathie Wood sees a substantial drop in global oil uptake that could result in a powerful swing lower for the fossil fuel.
“We believe that the demand for oil,” estimated to be at about 100 million barrels a day, “is going to drop over the next five years” by 30%, Wood said on Thursday during a quarterly seminar for clients of ARK Invest’s suite of funds.
That’s “because of not only electric vehicles and the increased in electric-vehicle miles,” but also autonomous taxi services, Wood predicted, referencing her popular holding, Tesla Inc. TSLA, +11.00%.
The ARK Invest CEO made the case that crude oil CL00, -0.38% has held its value, on a relative basis, due to a number of factors, including China’s gradual reopening from its zero-COVID policies and a replenishment of the U.S. Strategic Petroleum Reserves, which were tapped to help mitigate the growing costs of oil last year. “We could be talking $50 [a barrel],” Wood said.
Market Data 
Markets 
AI
